Die USA sollen nicht voreilig auf die (zugegebenermaßen) hohen Inflation reagieren, meint Economist’s View. Der Inflationsdruck kommt ja durch die steigenden Preise für Energie und Nahrungsmittel, nicht jedoch durch Löhne oder übermäßiges Geldmengenwachstum. Das Umfeld unterscheidet sich somit wesentlich von früheren Perioden:
Inflation that is driven by excessive money growth needs to be controlled, and the solution is for the central bank to reduce the growth in liquidity by increasing interest rates. But inflation that is driven by changes in relative prices is different. These price changes are providing important signals to the economy about where resources are needed most and about the opportunity cost of employing them, and we don’t want to mute those signals (though it is sometimes useful to attenuate the signals and smooth the adjustment). Eventually, the relative prices of these goods will increase enough to bring global growth in demand and global growth in supply back into balance, at which point prices will stabilize and so will inflation. The increase in relative prices is necessary to bring the underlying fundamentals driving supply and demand growth back into balance.
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